Mar 19, 2024

Solana "Presale" Clowns 🤡🇯🇵📈


Solana "Presale" Clowns 🤡🇯🇵📈 Valko

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Specs’ Insights

$123M raised by 27 “presales” on Solana in the last week

⌐◪-◪ → Our favorite on-chain sleuth ZachXBT decided to do a little digging to answer the question → “How much SOL has been sent as a result of the presale meta?”

Turns out over 655,000 SOL ($122.5M) was raised across 27 different “presales” in the last 7 days alone.

Note: This is only presales on Solana and excludes other chains (Ethereum, BSC, Base, etc).

I put “presale” in quotations because most of these are either complete rug pulls or just some random memecoin with absolutely zero business plan/purpose/roadmap.

The two most ridiculous presales I’ve seen are:

  1. Slerf, where the dev accidentally burned $10M presale funds

  2. JaredFromSubway impersonator, who raised $250k

It’s amazing how dumb and desperate people get when chasing quick profits — they are literally sending money to strangers.

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Japan’s $1.43T pension fund considers buying Bitcoin

⌐◪-◪ → Japan’s Government Pension Investment Fund (GPIF) is looking into Bitcoin to diversify.

According to Bloomberg, GPIF is the world’s largest pension fund with nearly 1.5T in assets under management.

The move is part of a broader strategic exploration into “illiquid” assets like precious metals, so there’s no guarantee they actually invest in Bitcoin.

Nonetheless, the headline fits into the growing narrative of municipalities, states, and entire nations looking to purchase Bitcoin.

Meanwhile, El Salvador is still buying 1 BTC/day, and Qatar is possibly buying 100 BTC/day in secret.

Like Michael Saylor famously said, “Everybody gets Bitcoin at the price they deserve”.

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Solana DEXs dominate decentralized trading volumes

⌐◪-◪ → Solana DEXs dominated total decentralized crypto trading volumes over the last 24 hours.

This of course is driven by the surge in degenerate memecoin activity, which is worse than usual thanks to the “presale” meta.

In the last 24 hours, the top three DEXs by volume were Raydium, Jupiter, and Orca. In terms of market share, Raydium and Jupiter held 20.8% and 16.2% respectively.

For context: Raydium’s volume alone reached $2.2B which was 2x Ethereum’s Uniswap volume of $1.1B.

This just goes to show how greed-fueled and speculative crypto can be most of the time — most “traders” are just gamblers larping as investors.

As I always say, crypto isn’t about making money, it’s about redefining money. I just wish other people would see it that way.

Don’t get lost in the greed sauce.

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Everything Else

⛓️ Crypto & DeFi

  • BTC drops under $63k in major 8% correction

  • Bitcoin flash crashed to $8.9k on BitMEX due to large sell orders

  • Adam Back wants “prodigal son” Roger Ver to return to Bitcoin

  • Polymarket nears $100M wagered on US Presidential Election

  • Libre tokenization platform goes live for Brevan Howard fund

  • Aavegotchi to launch L3 rollup using Base for settlement Q2 2024

  • Slerf hits $2B in volume despite devs burning $10M in presale funds

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

  • FTX creditors speak of despair as SBF’s sentencing looms

  • Utah judge sanctions SEC for acting in bad faith in DEBT Box Case

  • Pro-crypto Rep. French Hill looks to lead House Financial Committee

🌎 Rest of the World

  • UK FCA to deliver market abuse regime for crypto this year

  • OKX to pull USDT trading pairs in Europe

  • Grab users in Singapore can now pay with crypto

  • Binance crypto exchange users surpass $100B in holdings

  • Binance asks prime brokers to enhance KYC to avoid US nationals

  • El Salvador moves Bitcoin reserves to cold storage vault

🖼️ NFTs & Metaverse

  • RTFKT founder denies rumor of shutdown

  • Legendary rapper Ghostface Killah inscribed newest song on Bitcoin

  • Square Enix brings Symbiogensis game to HyperPlay game launcher

  • CZ unveils educational project involving NFTs called Giggle Academy

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Specs Chat is more than just a group chat, it’s a community designed to help you become a better crypto investor and operator.

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